Mr Wilson said he had narrowed his consideration to two stocks but declined to give any hints on which companies he would tip before the event.

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Last year's tips were heavy on tech stocks and the top ten performers produced returns stretching from 17 per cent to above 100 per cent at the same time as the Australian market has largely tracked sideways.

Mr Wilson said the other 60 per cent of the LIC's holdings would be more "thematic", with a longer investment horizon and reviewed quarterly.

Those longer term investments would be assessed on a more dynamic basis by the fund's board, chaired by Chris Cuffe, on the basis of recommendations from five top fund managers.

The directors and the funds are offering their expertise pro-bono. The funds represented are Caledonia, Cooper Investors, Magellan Asset Management, Paradice Investment Management and Regal Funds Management.

"When Matthew Grounds asked if I wanted to be on the board of this I thought 'what a great opportunity'," he said.

The managers that have been picked are the best Australian and global fund managers and you are getting their best ideas as well.

Geoff Wilson

"The great thing is it is really giving all Australians the opportunity to invest in a philanthropic wealth creation vehicle with some of the smartest investors and fund managers in Australia.

"You have got an opportunity to get in investing with the smart money. The managers that have been picked are the best Australian and global fund managers and you are getting their best ideas as well."

The offering, which closes on November 6, is aiming to raise $500 million at $2.50 per share with an eye to listing on the ASX on November 21.

About $20 million would be invested in each stock selection, he said, with about 60 to 70 per cent of the investments likely to be offshore.

Mr Wilson said the recent market turmoil and associated dips boded well for the timing of the LIC's launch.

"This volatility has taken the froth out of the market... everything will be a lot better value," he said.

The fund has already attracted $225 million in commitments from high net worth individuals and organisations including the Lowy family, the Packer Family, David Gonski, Solomon Lew, Paul Little and the Paul Ramsay Foundation.

Twice a year the LIC will donate 1.5 per cent of its net tangible assets to designated charities including Victor Chang Cardiac Research Institute, Black Dog Institute and the Charlie Teo Foundation with the donations guaranteed regardless of performance.

Mr Wilson has already established two LICS with similar philanthropic model but with a much broader portfolio.

For more information go to: sohnheartsandminds.com.au